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UK, S Korea sign joint statement for trade continuity

20
Jun '19
Pic: GOV.UK
Pic: GOV.UK
The United Kingdom and South Korea signed a statement recently noting their consensus for a free trade agreement that will allow businesses to continue trading freely after the British exit from the European Union (EU). UK international trade secretary Liam Fox signed the joint statement in Seoul on June 10 with Korean minister of trade Yoo Myung-Hee.

The agreement will be formally signed after formal checks and parliamentary procedures.

This marks the end of formal trade discussions between the two sides, according to a UK Government press release.

The agreement allows businesses to continue to trade on preferential terms with Korea. In 2018, around 99% of British exports to Korea were eligible to be exported tariff free.

Trading on these terms rather than on World Trade Organization terms will deliver significant savings and help to safeguard British jobs, the press release said.

The trading relationship between the two nations was worth £14.6 billion last year and has increased by an average of 12 per cent per year since the EU-Korea Free Trade agreement was signed in 2011.

Demand for British products in South Korea continues to grow rapidly and exports have increased by an average of 18 per cent per year since 2011. (DS)

Fibre2Fashion News Desk – India


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